Google parent Alphabet GOOGL +4.20% (ticker: GOOGL) has dropped some 26% in 2022, 11 percentage points more than the S&P 500’s 15% decline. But that drop has done wonders for the stock’s valuation, which has fallen to 18.6 times 12-month forward earnings, down from more than 25 times at the start of the year. Yet little has changed for Alphabet, and the future still looks bright. Sales and earnings are expected to grow 15% and 19% in 2023 compared with 2022, respectively. Google is still dominant in internet search and ad sales, and it’s still a cash-flow machine. Alphabet generated $67 billion in free cash flow in 2021, and is expected to produce about $339 billion between 2023 and 2025. As they say, follow the money.